Gemfields: more than 500% increase in revenue in Q1 2021

Gemfields: more than 500% increase in revenue in Q1 2021

The year 2020 is a difficult time for the gemstone market due to COVID-19. Gemfields has made a « comeback » after suspending production at its ruby and emerald mines. In the first quarter of 2021, the company recorded a 533% increase in revenue.

Gemfields is a ruby mining company at the Montepuez mine in Mozambique. In parallel, it also mines emeralds at Kagem in Zambia. The company expects to generate total revenues of $95 million in the first quarter of 2021. This is an increase of 533% compared to the same period in 2020. The company recorded a revenue of $15 million last year. In 2020, the company recorded a loss of $93.2 million compared to a profit of over $39 million in 2019. This level of revenue is a consequence of COVID-19 in the gemstone market. Supported by the cessation of operations in the mine fields. Indeed, only the Zambian mine brings profits, the company in Mozambique generates a zero balance

The reason for this performance is the resumption of the company’s production after months of suspension. In addition, the good results are generated by the strength of gem auctions in March and April. In addition, Gemfieds plans to hold three more gem auctions in 2021.

Ny Fenitra S.M

Photo Credit: Bijoux Shelyah

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